On Wednesday, August 5, the ChiNext AI index experienced a morning decline followed by a recovery, with component stocks showing divergent performance. Due to disruptions from related rumors, optical modules took center stage, with multiple stocks seeing heavy volume and sharp swings. Zhongji Innolight closed down more than 7%, with trading volume exceeding 67.5 billion yuan, setting a new high. Eoptolink Technology closed down more than 5%, while Tianfu Communication flipped to a 2% gain. AI applications, computing power leasing, and storage chips showed active performance, with Softton Power rising over 11%, Longsys Electronics up more than 8%, and Yidian World and Tonghuashun both gaining over 3%.

Among popular ETFs, the ChiNext Artificial Intelligence ETF Huabao (159363), which heavily holds optical module leaders, saw a low open and steady climb throughout the day, closing up 0.41% on the exchange with volume exceeding 2.1 billion yuan. Following a net inflow of 133 million yuan the previous day, capital saw a single-day net subscription of 222 million shares. Today, the market was disrupted by overseas policy news, with reports that a certain country is considering drafting a ban that may restrict imports of new optical transceiver modules. The optical module sector faced pressure at the open, with the "E-T-T" (Zhongji Innolight, Eoptolink Technology, Tianfu Communication) experiencing significant declines intraday before partially recovering. The three companies responded that, after verification, no restrictive documents have been issued by relevant regulatory authorities, and they currently offer no comments on the rumors but will closely monitor subsequent developments.

ChiNext Artificial Intelligence ETF Huabao (159363) fund manager Caoxuchen stated that the event remains in the rumor stage, with no official documents yet released. The short-term market reaction is more about emotional release, and the actual impact needs to be assessed after the policy becomes clear. From a trading perspective, Caoxuchen noted that if the market shifts from trading AI industry trends to purely tech self-reliance, it will face dual constraints of breaking away from global resonance and limited valuation ceilings. He added that if optical modules continue to weaken, the market may lack high-identity central stocks to stabilize valuation expectations, making various sub-sectors more prone to rotational characteristics, potentially limiting the overall rebound height.

Overall, Caoxuchen believes that optical modules have gone from a "simple problem" to a highly complex variable in the current market. Political expectations have led to deep gaming, and the future direction depends on further policy clarity. With high-level meetings scheduled in late September, the key catalytic timeline for related directions won't be too far off. We tend to maintain patience, wait for logical repair opportunities, focus on market structure evolution, and await clearer signals. On the AI trading main line, besides optical modules, AI applications can also be focused on. Referring to the US SaaS benchmark, Palantir's quarterly results exceeded expectations and surged, with the market granting extremely high premiums to AI application implementation capabilities. The ChiNext AI index gathers a large number of "software + hardware" combination targets (such as industry vertical applications), which, compared to pure hardware communications, benefit more from the double-play logic of application layer performance delivery and valuation system reshaping.

ChiNext Artificial Intelligence ETF Huabao (159363) and its off-exchange connections (Class A 023407, Class C 023408) focus on optical module CPO leaders while also considering AI applications. The underlying index has a combined weight of approximately 40% for Zhongji Innolight, Eoptolink Technology, and Tianfu Communication, making it a core AI computing power flagship. Additionally, ChiNext Artificial Intelligence ETF Huabao (159363) has a latest scale of over 7.1 billion yuan and an average daily trading volume over the past six months of more than 1 billion yuan, leading in scale and liquidity among the 8 ETFs tracking the same underlying index.

Data sources: Shanghai and Shenzhen stock exchanges, etc. ETF fee explanation: When investors subscribe or redeem fund shares, the subscription and redemption agency may charge a commission of up to 0.5% of the standard rate. On-exchange trading fees are subject to the actual charges of the securities company, and no sales service fee is charged. Connection fund fee explanation: The ChiNext Artificial Intelligence ETF Huabao Connection C does not charge a subscription fee; redemption fees are 1.5% for holdings within 7 days and 0% for holdings of 7 days or more; the sales service fee is 0.3%. The ChiNext Artificial Intelligence ETF Huabao Connection A charges a subscription fee of 1% for amounts under 1 million yuan, 0.6% for amounts between 1 million yuan (inclusive) and 2 million yuan, and 1,000 yuan per transaction for amounts of 2 million yuan (inclusive) or more; redemption fees are 1.5% for holdings within 7 days and 0% for holdings of 7 days or more; no sales service fee is charged. Risk warning: The ChiNext Artificial Intelligence ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and a release date of July 11, 2024. The index's annual returns for 2021-2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively, with annualized volatilities of 23.73%, 27.34%, 38.02%, 45.42%, and 41.1% over the same period. The index's constituent stocks are adjusted according to the index compilation rules, and the backtested historical performance does not guarantee future index performance. The index constituent stocks mentioned in the article are for display purposes only, and individual stock descriptions do not constitute any form of investment advice or represent the holdings or trading activities of any fund managed by the manager. Based on the fund manager's assessment, the ChiNext Artificial Intelligence ETF Huabao has a risk rating of R4-medium to high risk, suitable for aggressive (C4) and above investors. The suitability matching opinion is subject to the sales organization's confirmation. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors must be responsible for any investment decisions made independently. Additionally, any views, analyses, or forecasts in this article do not constitute any form of investment advice to readers, nor do they assume any responsibility for direct or indirect losses caused by the use of the content in this article. Fund investment involves risks. Past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment should be approached with caution.